Cost Accounting is part of quality management and has become one of the most important approaches to assist the management team in their key tasks including planning, evaluating, analysing, controlling, and monitoring the organization’s activities for either manufacturing or services sectors. Everyone who works in an organization needs to learn about costing and strive to enhance quality and deliver improvements for their product or services offered in the market. The first chapter of this book enable readers to develop knowledge and understand the basic cost concepts such as the cost unit, cost centre, cost object, cost elements, cost classification, product costs, period cost, and cost behaviour. In the second chapter, readers can learn about controlling materials costs associated with the production process including the function of purchasing department, the purchasing procedure, and the store control procedure using economic order quantity, inventory control level, and inventory turnover ratio. This chapter also enable readers to apply inventory recording systems which are First in First Out, Last in First Out, and Weighted Average methods. We hope that students or everyone who is planning to join and work in an organization in the future and everyone who has just joined an organization will benefit from this book. Happy Reading!